Full video: @startups https://www.youtube.com/watch?v=e48aSjtg1ds
About the Startup Archive
We curate the top 1% of startup advice from the world’s best founders and investors.
Join 5,000+ founders who read the free newsletter here: https://startuparchive.org/subscribe
Follow us on…
Twitter/X: https://twitter.com/StartupArchive_
Instagram: https://www.instagram.com/startuparchive_/
LinkedIn: https://www.linkedin.com/company/the-startup-archive
Full Newsletter Post
When assembling the found team for PayPal, Max Levchin wanted to recruit Luke Nosek. But he was worried at how Peter Thiel would react given that Peter lost his entire investment in Luke’s failed startup SmartCal:
“I was certain that Luke and Peter would not get along because Luke had just lost all the money Peter invested in his startup… I never had investors up until this point, so I was really not familiar with the relationship you have”
With trepidation he told Peter that Luke was really bright and worth trying to work with again. And he was surprised at Peter’s response:
“Oh of course. I should’ve thought of that myself.”
So you’re not mad it him? Max asked.
“No, he’s brilliant,” said Peter.
Then Peter recruited Luke while Max recruited the rest of the PayPal founding team. After PayPal, Luke went on to work at Peter Thiel’s venture firm, Founders Fund.
I think there’s a really important lesson here. Statistically, most startups fail, and investors know how hard it is to build something brand new and innovative. Very few people succeed on the first go-around, and it’s not necessarily a reflection on you or the end of the world if your startup fails.
As long as your constantly learning, act with integrity, and maintain your reputation and relationships, the best investors will still be open to backing your next venture.